On Monday morning, the rate was consolidating, as it traded sideways between the support of the 1.1620 level and the resistance of 1.1640.
Economic Calendar Analysis
On Wednesday, at 12:15 GMT the ADP Non-Farm Employment Change data release could cause a move. For example, the EUR/USD has moved from 5.5 to 24.8 pips on the announcement.
On the same day, at 12:30 GMT the US are publishing Final GDP data. This once per quarter event has caused moves from 5.2 to 31.9 pips.
The 31.9 pip move was an anomaly caused by the coronavirus in March. If one excludes it, the range of moves is 5.2 to 12.8 pips.
On Thursday, as always the US Unemployment Claims at 12:30 GMT might cause a minor move of around ten pips.
The week will end with a monthly data release. The US Average Hourly Earnings, Non-Farm Employment Change and the Unemployment Rate are scheduled for 12:30 GMT. The event has caused moves from 19.4 to 51.8 pips on the EUR/USD charts.
Click on the link below to find out more about the data releases.
EUR/USD hourly chart's review
In the near term future, the rate was expected to continue to consolidate by trading sideways. Afterwards, the sideways trading would be ended by the approaching of the combined resistance of the 55 and 100-hour simple moving averages.If the SMAs manage to push the rate down, the pair would test the support of the monthly simple pivot point at 1.1596. In addition, the round exchange rate level of 1.1600 could have buy orders near it.
On the other hand, the simple moving averages could fail to push the rate down. In the case of the resistance of the SMAs being broken, the pair could retrace back up to the 1.1700 level.
Hourly Chart
On the daily candle chart, Dukascopy analysts added a channel down pattern, which represents the rate's decline that has been occurring since the second part of August.
Daily chart
Read More: Technical Analysis
Traders remain neutral
Since Wednesday, on the Swiss Foreign Exchange trader open position volume was balanced. Namely, 50% of all volume was in short positions and the other 50% was in long positions.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were bullish. On Monday, 63% of orders were to buy.
On Friday, the orders were 51% to sell.